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Senate substitutes pass-through entity tax bill, delays S-corporation change and adds withholding provisions
Summary
First substitute SB23 was adopted and substituted on the floor; it delays treatment of S corporations as full pass-through entities, establishes withholding on Utah-source income paid to nonresidents, and prompted floor discussion about franchise tax impacts and an impending amendment for publicly traded partnerships.
Senator Niederhauser presented a substituted version of Senate Bill 23 to the Senate on Feb. 9, explaining that the first substitute delays part of the bill affecting S corporations and their built-in gains and adds withholding for Utah-source income paid to nonresidents.
Sponsor notes and committee work: Niederhauser said the measure grew from a prior pass-through-entity bill and extensive interim and work-group…
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